Although bankruptcy is a powerful tool for debtors, it does not wipe out all kinds of debt. Before you file for bankruptcy, make sure to do some research and figure out which debts can and cannot be wiped out. Some of the things filing a bankruptcy can do is get rid of all credit card debt and other unsecured debts, stop creditors from harassing you, and eliminate certain kinds of liens. However, the important information is what does not happen when you file for bankruptcy. Some of the most common debts that cannot be eliminated are: Continue reading →

Are you being harassed by a debt collector for an old debt you thought was written off years ago? If so, it is likely that you are being contacted by a scavenger debt collector. These individuals are known for using illegal and unethical methods to collect “time-barred” debt. However, if the debt is considered too old by your state then you do not have to pay it. Continue reading →

A statute of limitations on debt is a law that states the maximum time limit a creditor has to file a lawsuit against a consumer because of an unpaid debt. If you were never aware of this, it would definitely be beneficial to read through this article as well as others to get the information that you may need. This article deals specifically with the statute of limitations set in the state of New Jersey. Continue reading →

Are you being hounded or harassed by debt collectors for an old debt you thought was written off years ago? If you answered yes, then it is likely that you are being contacted by a “scavenger debt collector.” These are companies that purchase older, mostly uncollectible debts for a small fraction of its value. These type of debt collectors are widely known to use unethical and illegal methods to collect time-barred debt. Continue reading →

Garnishment is a legal solution authorized by a court when all other attempts to have the debt paid back have failed. Having to go through this is a very difficult thing. You go to work every day to pay your rent or mortgage, utility bills, gas for your car, etc. If you have a family to support, but you see money being taken out of your paycheck, it can put a lot of stress on your shoulders. Continue reading →

Debts have a form of expiration date attached to them known as the statute of limitations. If you did not know this, then it would be a wise decision to read through this article as well as others to get the information that you need about this particular concept. Statue of limitations is the period of time a debt collector or agency has in which they can legally sue you for an unpaid debt. However, an expired statute of limitations prevents them from pursuing a debt indefinitely. Your debt will still exist and may be listed on your credit report, but you will no longer be legally required to pay for it. Continue reading →

A wage garnishment is an order from the court or a government agency that lets your employer know that they need to withhold money from your paycheck as compensation for an unpaid debt. Having this happen to you can be a very stressful thing, especially because you rely on that money to help support your family and make sure they are taken care of. Fortunately, there are limits that are set up stating how much money can be withheld so the creditor does not get too greedy. Continue reading →